Regulatory Alerts2011-06-08
Added · Updated
Circular No. 01/EES/2011, of 8 June - Registration of Foreign Exchange Transactions by Banks
Banks in Mozambique must process foreign exchange registrations via the Meticalnet platform prior to transaction execution, with daily validation required by 21:00. Decentralized operations must integrate information through the head office, and the circular revokes conflicting provisions upon its effective date of 11 July 2011.
— Banco de Moçambique — Administration
ECONOMIC STUDIES AND FOREIGN EXCHANGE
CIRCULAR NO. 01/EES/2011
Maputo, 08 June 2011
SUBJECT: Registration of Foreign Exchange Transactions by Banks
Given the need to issue instructions to ensure the proper processing of foreign exchange registration, the Banco de Moçambique, under paragraph 2 of Article 130 of the Regulations of the Foreign Exchange Law, approved by Decree No. 83/2010, of 31 December, as well as under paragraph 2, letter e) of Article 37 of Law No. 1/92, of 3 January - Organic Law of the Banco de Moçambique - establishes:
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Foreign exchange registration is processed through the Meticalnet computer platform of the Banco de Moçambique, to which banks are connected.
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In order to allow for the correct duty of verification, the registration of foreign exchange transactions must always precede their execution.
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By 21:00 hours each day, banks must have validated the registrations made.
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Banks that have decentralized their foreign exchange operations to their respective branches must ensure, through the head office, the integration of information.
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This Circular enters into force on 11 July 2011, revoking all provisions to the contrary.
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Doubts arising from the interpretation and application of this Circular must be submitted to the Foreign Exchange Department of the Banco de Moçambique.
Waldemar Fernando de Sousa ADMINISTRATOR
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